CEO

Suncorp (SUN) CEO John Mulcahy has announced that, after six years leading the group, he will step down from his current role – at the same time as the group slashed its profit forecast and unveiled a capital raise of up to $1.302 billion. The shares were placed in a trading halt at A$7.13 yesterday, which compares with the underwritten part of its offer at $4.50 apiece to raise $900m – a 37% discount. The group said it could also raise a further $402m via an offer to retail shareholders.

Allco Finance Group's (AFG) chief executive officer David Clarke who was employed for the last 18 months to rescue the company from debt has resigned with a fall in share market. Last November AFG was valued at $52 million. On April 2007, when Clarke joined the company, the share price was about $11.50. The appointment of Clarke was considered as a historic, key movement for the company.